Virgin Media O2 - comment

The launch of a $500m TL by Virgin Media O2 (VMED) was prompted by its dividend policy. In June, VMED drew £325m in term loans to fund a dividend to its shareholders, and the company is now extending its term loans by $500m to push maturities out. With £18bn of debt outstanding and £2.4bn needing refinancing by April 27, refinancing is a perpetual treadmill for VMED (as it is for Liberty’s other investments).